Founded in 2012 by Chris Larsen and Jed McCaleb, Ripple was initially known as Opencoin before the name was changed to Ripple Labs in 2015. Ripple Labs created Ripple as a real-time gross settlement system, currency exchange and remittance network.

It is built upon a distributed open-source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value. XRP is the native currency. Its RippleNet hosts payment providers like Banks, Financial Institutions and Money Remittance providers who use Ripple solutions to transfer money globally at lower cost and increased speeds.